Bayridge Associates Ltd. Partnership v. Department of Revenue

ORS 308.205(2) (1989) provided:

“If the property is subject to governmental restriction as to use on the assessment date under applicable law or regulation, true cash value shall not be based upon sales that reflect for the property a market value that the property would have if the use of the property were not subject to the restriction unless adjustments in value are made reflecting the effect of the restrictions.” (Emphasis added.)

The question is: “Do the low-income housing restrictions voluntarily placed on the property [by the owner] constitute ‘governmental restrictions [as to use]’…